From January 2007, IBM Global Services will manage the modernization, standardization and ongoing development of the bank’s credit applications and will work with HypoVereinsbank (HVB) on strategic projects.
As part of the project, IBM is setting up a new subsidiary with a banking competence center to provide integration services in the banking environment. HVB says that this agreement marks a fundamental step toward effective and sustainable cost reductions in its IT operations.
HypoVereinsbank is a member of the new UniCredit Group, a European financial institution with more than 140,000 employees, 7,000 branches and over 28 million customers.
HVB has bundled its IT in a subsidiary, HVB Information Services GmbH (HVB IS), covering the entire range of the bank’s IT services, from consulting and application development to IT operation and services. From January 1, 2007 up to 365 of HVB IS’ existing employees, who currently number around 1,800, will be transferred to IBM. Until the end of 2009, IBM will be entrusted by HVB with providing IT services as a part of the IT integration of HVB and UniCredit.
The deal is subject to approval by the regulatory authorities.
